There are 900 homes for sale under $ 150,000. These homes were selling for $ 360K or more just 2 years ago! No wonder people are scoopng them up. People perceive this is a once-in-a-lifetime opportunity to buy. This Realtor says the best opportunities are yet to come!
Contact me if you want a list of homes under $ 100K or $ 150K. I work with buyers in all price ranges. The MLS can return only 250 searches, so we need to narrow down the list of 900 homes, by limiting the search to a neighborhood, square footage, age of home, number of bedrooms, or any other criteria that matter to you.
The low-end homes are driving the market. I am working with some investors looking at REOs, in an area of town that has only a 3 week supply of homes. These starter homes are selling in the high 200's - low 300's, and the area is a hot market anyway. Thus, the REOs are moving even faster than the regular homes.
Contact me for San Diego investment property.
It will pencil only if you put a big downpayment, so in my opinion it is still too early to invest. With prices still falling, your equity will erode. However, the money could be safer in real estate than in debt-ridden banks and falling stock markets, so perhaps the real estate investors are the smart ones after all. I don't have all the answers, but lots of opinions.